Majesco Announces Video Game Adaptation of Taxi Driver Film

MAJESCO ENTERTAINMENT ACQUIRES
VIDEO GAME RIGHTS FOR AMERICAN CINEMA CLASSIC: ‘TAXI DRIVER™’

2006 Release to Coincide with
30th Anniversary of Popular Film

EDISON, N.J., May 11, 2005 –
Commemorating the 30th anniversary of the historic motion picture, Majesco
Entertainment Company (NASDAQ: COOL), an innovative provider of digital
entertainment content and products, today announced the development of Taxi
Driver™, a video game based on the classic Martin Scorsese-directed film from
Columbia Pictures. Through a licensing agreement with Sony Pictures Consumer
Products (SPCP), Taxi Driver is currently being developed by Papaya Studio and
is scheduled to ship in Spring 2006.

“Nominated for four Academy Awards®,
‘Taxi Driver’ remains one of the most iconoclastic films of our time. Compelling
and powerful, the movie ensnares viewers in the seedy urban world of New York
cabbie Travis Bickle, and we hope to do likewise with our game,” said Ken Gold,
vice president of Marketing for Majesco. “We look forward to developing a game
that remains true to the spirit and style of the movie, and embodies a total
entertainment experience.”

“We’re excited to be working with
Majesco on a game for Taxi Driver,” stated Mark Caplan, Executive Director,
Interactive, Sony Pictures Consumer Products. “We’re confident they, together
with Papaya Studio, will create a game that successfully makes the transition
from film to the video game world.”

Written by Paul Schrader and
released in 1976, “Taxi Driver” is a gritty, disturbing, film classic, featuring
some of Hollywood’s finest actors, including Robert DeNiro, Jodie Foster, Harvey
Keitel, Cybill Shepherd and Peter Boyle, in a brutally compelling portrayal of
alienation and psychoses.

Additional details and game play
features for Taxi Driver will be released at a later date. More information
about Majesco’s entire product line can be found online at

www.majescoentertainment.com

About Majesco Entertainment Company

Headquartered in Edison, NJ, Majesco
Entertainment Company (NASDAQ: COOL) is an innovative provider of digital
entertainment products and content. The Company’s three product lines include
Games, which includes highly anticipated titles such as Advent Rising and JAWS™
Unleashed; Videos, which highlights the Company’s platform-independent video
compression technology; and Gadgets, which includes innovative digital
entertainment products like Frogger® TV Arcade. More information about the
Company can be found online at
www.majescoentertainment.com

About Sony Pictures Consumer
Products

Sony Pictures Consumer Products (SPCP),
a Division of Columbia Tristar Consumer Marketing (CTCM), is based in Los
Angeles and handles the merchandising and branding efforts for some of the most
recognized properties in film and television.

Columbia Tristar Consumer Marketing
is a division of Sony Pictures Entertainment (SPE). SPE is a division of Sony
Corporation of America (SCA), a subsidiary of Tokyo-based Sony Corporation.
SPE’s global operations encompass motion picture production and distribution;
television production and distribution; digital content creation and
distribution; worldwide channel investments; home entertainment acquisition and
distribution; operation of studio facilities; development of new entertainment
products, services and technologies; and distribution of filmed entertainment in
67 countries. Sony Pictures Entertainment can be found on the World Wide Web at

http://www.sonypictures.com